Crude oil prices surged on October 16 as escalating conflicts in the Middle East and Eastern Europe raised fears of severe global supply shortages. Brent briefly hit $110 a barrel, its first time since May, before closing at $109.86, up 3.7%; US WTI rose 3.5% to settle at $101.41. Iran intensified attacks in the Strait of Hormuz, disrupting shipping, Houthi militants fired missiles at Saudi Arabia, and Ukraine vowed to keep striking Russian refineries. For the week, WTI gained more than 10% and Brent nearly 5%. Analysts warned that triple-digit crude could add to global inflation, raising retail fuel, manufacturing and transport costs.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Brent hits $110 as Hormuz ship attacks , Houthi strikes on Saudi trigger oil rally
Read the original on businesstoday.in ↗
Keywords
oil pricesStrait of HormuzHouthiIraninflation
Open a keyword to see other news on the same topic.
Related tickers and likely impact
PLX
▼ Likely negativePetrolimex
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Integrated Oil & Gas |
| Market cap | 44,534 bn VND |
| P/E | 13.9 |
| P/B | 1.83 |
| Close on 10/16/2026 | 35.05 |
| Change that session | -1.41% |
PVD
▲ Likely positivePetroVietNam
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Oil Equipment & Services |
| Market cap | 16,375 bn VND |
| P/E | 14.7 |
| P/B | 0.95 |
| Close on 10/16/2026 | 17.65 |
| Change that session | -0.28% |
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Brent crude touches $110 a barrel
Brent crude briefly touched $110 a barrel during the October 16 session for the first time since May before settling at $109.86, up 3.7%, while U.S. WTI rose 3.5% to $101.41. Prices were driven by Iran's escalating attacks in the Strait of Hormuz, where at least nine oil tankers and cargo ships have been hit since Sunday, and Houthi missile launches toward Saudi Arabia. According to U.S. Central Command, Iran sank the container ship GFS Pride, while the International Maritime Organization said this week's attacks injured three crew members and left two missing. Crude flows through Hormuz reached 9.4 million barrels per day in the week ending Wednesday, about 70% of the pre-war level, while the energy ceasefire between Ukraine and Russia quickly broke down. For the week, WTI rose more than 10% and Brent gained nearly 5%.
- 7 highlights from JD Vance CBS News town hall : Iran , immigration , corruption and 2028 plans
At an hour-long CBS News town hall in Michigan, Vice President JD Vance argued that the Trump administration's economic and Iran strategies will pay off over time, while acknowledging that cost-of-living concerns weigh heavily on voters. He said he hasn't decided whether to run for president in 2028, though he is widely seen as an early frontrunner for the Republican nomination. On the economy, Vance said the country is "turning the ship around" but that fixes will take time, as inflation remains above the Federal Reserve's 2% target. Gas prices have stayed high amid the Iran conflict and Iran's attacks on oil tankers, and Vance warned about the risk of Iran controlling shipping through the Strait of Hormuz.
- Defending Saudi Arabia is essential to protecting the global economy
The article argues that Saudi Arabia's security is a strategic concern for the global economy, as attacks on airports and oil refineries threaten energy supplies worldwide. On October 10, a Houthi missile reportedly struck King Khalid International Airport in Riyadh, killing 13 people and injuring more than 300. With the Strait of Hormuz disrupted during the Iran war, the East-West Pipeline became a key alternative route, carrying about 4 million barrels per day before drone attacks forced its temporary closure in September. The piece says geopolitical risk pushed Brent above $100 per barrel, burdening consumers and airlines, and it cites Greece's Patriot deployment as a model for partner contributions, calling for a broader, shared defense effort.
- Crude oil prices touch $110 a barrel
Brent settled at $109.8 a barrel on October 16, up 3.7% after briefly touching $110, its highest since May; WTI rose 3.5% to $101. Attacks across the Middle East drove the rally, with Saudi Arabia intercepting missiles fired over the Red Sea, one aimed at the Yanbu export port, and Houthi forces repeatedly striking the kingdom. In the Strait of Hormuz, at least nine tankers and cargo ships have been attacked since the previous Sunday, yet crude flows reached 9.4 million barrels a day in the week to October 14, about 70% of pre-war levels, according to Kpler. A Russia-Ukraine energy-infrastructure truce that Donald Trump sought to mediate quickly collapsed, and U.S. crude inventories fell by more than 8 million barrels as storm Isaias halted Gulf Coast production.
- Two Oil Tankers Hit Mines While Crossing Strait Of
Iran's Revolutionary Guards Navy said two oil tankers caught fire after hitting naval mines while crossing the Strait of Hormuz, according to IRNA, and state media said both carried about 2 million barrels of crude. There was no independent confirmation of these reports. IRNA said the vessels had switched off their positioning and radar systems, used an unauthorised route, and that one was left immobilised after striking a mine. The incidents come amid heightened tensions, with attacks around the waterway surging over the past two weeks as Iran responds to a US blockade of its ports and tougher sanctions, and a container ship and a dry bulk carrier sank after being hit by projectiles earlier.
- Iran plan to open shipping lane still on the table
Iranian Foreign Minister Abbas Araqchi says Iran's seven-day proposal to reopen the Strait of Hormuz remains on the table, although Washington has not addressed all seven conditions, including lifting the US blockade of Iranian ports and sanctions on oil exports. He said that if the US accepted, the strait could reopen within six days, with talks resuming the next day. The main sticking point is Washington's demand that Iran's nuclear programme be addressed from the outset, with Vice President JD Vance calling for a “meaningful” cut in uranium enrichment capacity. Iran's Revolutionary Guards claimed two oil tankers caught fire after hitting naval mines, though this has not been independently confirmed. Maritime officials also reported that a container ship and a dry bulk carrier sank near the strait after being hit by projectiles, and attacks in the area have surged, pushing up global energy prices and inflation.
Related markets
Latest news
- Winning over Vingroup and Sun Group with concrete and special materials: Vietnamese company's profit up 136%, chairman speaks out
Song Da Cao Cuong (SCL) reported Q3/2026 profit of VND 38 billion, up 136%, on net revenue of over VND 263 billion (up nearly 98%), while gross profit margin rose from about 36% to 41%. For the first nine months, revenue reached nearly VND 666 billion (up 81%) and after-tax profit nearly VND 94 billion, already exceeding more than 110% of its full-year profit target. Chairman Kieu Van Mat attributed the results to technology upgrades, production line optimization and capacity expansion, with several new plants expected to start operations by November 2026. The company said it spent more than two years testing its products before Vingroup accepted them; Vingroup's share of its business has fallen to about 25% as customers expanded to around 10 major groups and exports began to Laos, Cambodia and the Philippines. Over the past two years, the company has invested about VND 1,000 billion in factories and technology.
- Coteccons Chairman Bolat Duisenov reveals new direction: expanding home construction for individual customers
At the annual general meeting on October 20, Coteccons (HoSE: CTD) set fiscal 2027 targets of VND 42,000 billion in revenue and VND 1,050 billion in after-tax profit, and said it is considering expanding into residential construction for individual customers (B2C). In fiscal 2026, net revenue reached VND 34,340 billion (up 38%, 115% of plan) and after-tax profit VND 788 billion (up 73%); new contract wins totaled VND 60,307 billion and backlog was about VND 70,000 billion. In the first quarter of the new fiscal year, the company booked revenue of VND 11,270 billion and profit of VND 306 billion, but new contract value of VND 14,519 billion was lower than a year earlier; the company said it is tightening criteria for selecting clients and projects. Coteccons is also working with Microsoft, is expected to become a strategic partner of Workday, and targets raising its ROE from 10% to 15-18% by 2030.
- UPS Yields 6.7% After Firing Amazon. Here's Whether the Dividend Survives 2027.
UPS shares yield 6.7% as of October 16. The company has moved away from high-volume, low-margin Amazon deliveries and froze its dividend earlier this year, ending a 16-year streak of increases. The article says the payout will likely remain frozen through 2026 and 2027, citing competition from 10- and 30-year Treasury yields above 5% and other industrial dividend payers, but calls the dividend's safety questionable: UPS generated $5.47 billion in free cash flow in 2025, with $5.4 billion going to dividends, and free cash flow is projected to fall to $5.05 billion in 2026 and $5.01 billion in 2027, with the dividend absorbing about 98% of 2026 free cash flow. Rising competition and high fuel prices add pressure, and the article suggests investors may find more safety in the industrial sector.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading on Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices stayed high. Japan's Nikkei 225 slipped 0.6% to 64,512.35 in early trading, South Korea's Kospi dropped 2.8%, and Australia's S&P/ASX 200 lost 0.8%. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq gained 1.1%, helped by Nvidia's 1.4% gain, while most stocks outside AI and tech fell and the Dow slipped 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose to $103.50 a barrel and Brent to $109.47, as uncertainty about when the energy industry will return to normal after the war with Iran means oil is unlikely to ease soon.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices remained high. Japan's Nikkei 225 slipped 0.6% to 64,512.35, Australia's S&P/ASX 200 lost 0.8% to 8,772.10, and South Korea's Kospi dropped 2.8% to 5,605.31. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq rallied 1.1%, helped by Nvidia, while the Dow fell 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose 0.15% to $103.50 a barrel as uncertainty over the war with Iran kept oil prices elevated.
- What Could X-Energy (XE) Gain From Its 960MW Indiana Nuclear Project?
X-Energy (NasdaqGS:XE), American Electric Power and Amazon agreed to assess a 960 MW advanced nuclear project in Indiana using Xe-100 reactors, on a former coal plant site. Under the joint development agreement, Amazon would provide development funding and commit to a long-term power purchase. The article says the deal offers commercial validation for X-Energy's reactor platform rather than immediate financial relief, as the company, with a $4.3b market cap, reported $150.28 million in revenue, a $448.87 million loss, and a 20.2x price-to-sales ratio. The next key milestone is whether the study reaches a final investment decision for the Sullivan County site.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.